The bill, an executive legislation, was one of the five bills for concurrence that the lawmakers considered and passed at plenary on Tuesday, having been passed by thePresident Muhammadu Buhari, in June, transmitted a letter to the Speaker of the House, Femi Gbajabiamila, seeking consideration and passage.
Also known as the Omnibus Bill, it is aimed at consolidating and amending outdated legislative provisions towards removing bottlenecks for micro, small and medium enterprises. The legislation will modify the Companies and Allied Matters Act , the Nigeria Export Processing Zones Authority Act, among others – with the recognition of electronic share certificates, electronic voting at annual general meetings, and other information in tandem with technology best practices.
Other objectives of the bill is to amend the Export Act, to empower the Minister of Finance, Budget & National Planning to now have clear cut powers to recommend goods that should be restricted from being exported; and to ensure efficiency in public service delivery in terms of time, cost, and procedure for doing business, improving transparency, removing outdated provisions from relevant laws, and providing incentives to encourage Micro, Small, and Medium Enterprises participation in...